China will not resort to quantitative easing: PBOC governor

China's central bank governor Yi Gang said in a signed article published on Sunday that Beijing should maintain "normal" monetary policy as long as possible since economic growth is still within a reasonable range and inflation is mild overall.

China will not resort to quantitative easing even as the monetary policies of the world's major economies are approaching zero interest rates, People's Bank of China Governor Yi Gang wrote in an article published by the leading Communist Party theoretical journal Qiushi.

"We should not let the money held by the Chinese people become worthless... Maintaining positive interest rates and upward-inclined yield curve is generally conducive to the economic entities, and in line with the Chinese people's saving culture, thus beneficial to the sustainable development of the economy," said Yi.

He reiterated the central bank will continue to implement prudent monetary policy, conduct counter-cyclical adjustments, improve monetary policy transmission and keep liquidity reasonably ample.

China's economic growth slowed to near 30-year lows in the third quarter and industrial profits continued to shrink, and speculation is mounting that Beijing needs to roll out stimulus more quickly and more aggressively, even if pile of debt.

The exchange rate of China's yuan is decided by supply and demand, we will not play the yuan as a tool and will not resort to competitive devaluation of the yuan, said Yi. China's central bank will continue to promote reform of the yuan, and maintain its flexibility and keep it basically stable on a reasonably balanced level, the governor said, adding that Beijing will conduct necessary macro-prudential management in the foreign exchange market when needed.

Yi also said China will strengthen the supervision of property financing markets.

Meanwhile, China's top securities

it risks adding to a watchdog has approved the initial public offering (IPO) applications of two companies. The two companies are ChinaSingapore Suzhou Industrial Park Development Group Co Ltd and Hubei Heyuan Gas Co Ltd.

Their underwriters will confirm IPO dates and publish their prospectuses following discussions with the stock exchanges, the China Securities Regulatory Commission (CSRC) said in a statement.

It did not specify the total funds to amount of be raised.

Under the current IPO system, new shares are subject to approval from the CSRC. China is gradually switching from an approval-based IPO system based on registration.

Meanwhile, assets under management of public offering of funds in China reached 13.91 trillion yuan ($1.98 trillion) by the end of October, said the Asset Management Association of China (AMAC). The figure was 13.79 trillion yuan by the end of September, according to the AMAC, an industry body supervised by China's securities regulator.

As of October, the total net asset value of closed-end funds managed by the fund management firms had amounted to 1.27 trillion yuan and that of open-end funds had come to 12.64 trillion yuan.

China had 127 asset management

to one companies at the end of October, including 44 joint ventures and 83 domestic firms, according to the AMAC.

There are 13 securities companies or asset management subsidiaries of securities companies and two insurance asset management companies that have obtained the qualifications to manage public offering of funds, according to the AMAC.

The public offering of funds is a type of investment vehicle that collects funds from investors through public offerings and takes securities as its main investment target. It has to follow strict requirements for information disclosure and profit distribution.